Those of us who are involved with Short Sales know there are at least 17 things to include when you submit an Offer to the bank. I'd like to share four things that some Realtors do not do/include. #1) Carry Cost Analysis: How much it will cost the bank if they do NOT accept the short sale offer including property taxes #2) Repair estimates #3) Include the Property Address and Loan Number on each page of your bank correspondence and paperwork #4) Time on the market/property history showing original listed price with price reductions including date of reduction...
I listed a friend's condo in Sacramento in December. She paid $142,000 three years ago, was in contract with a Lease Option, buyer ended up not qualifying and vacated property. She couldn't make payment, buyer damaged property, value decreased, listed originally for $109,900/3 months then to $75,000 (market kept falling) then reduced to $64,000 then thought 'enough!' and dropped to approximately $59,000 and got an offer....comps show it's right in there price-wise now....bank wants to see that you started at a higher price....that's it for now - I hope everyone reading this feels the love and peace of the Lord surrounding them! Maryal Boumann from Placerville CA in El Dorado County between Sacramento and So. Lake Tahoe www.shortsaleseldoradocounty.com
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